mgf.be

[Jupilerman]

An Italian-American company is claiming rights over MG Rover's flagship model in a blow to attempts by the failed British carmaker's administrators to sell off its remaining assets.

Qvale Automotive - based in Italy but owned by Bruce Qvale, a San Francisco millionaire, and his family - has told the administrators it was not paid in full for the underlying design of the MG SV supercar and its Italian manufacturing base and wants it back.

The claim, which PwC, the administrator, has not yet accepted, is a further setback to efforts to revive the MG brand. Already the rights to build most of the MG range of cars, as well as all the Rover line-up, are being claimed by Shanghai Automotive Industry Corp, the Chinese company that mounted an abortive rescue attempt earlier this year.

The SV is particularly important because the management buy-out team thought to be leading the bidding to purchase MG and its TF sportscar - the only other model over which the Chinese have no claim - wants the SV as its flagship.

The Qvale move was revealed as PwC told creditors of Rover's engine and racing arms that the companies were at least £164m short of what was needed to pay them, bringing the total owed by the failed Rover group to more than £1.5bn.

PwC said it did not want to comment on the SV ownership until next Tuesday, when creditors of MG Sport and Racing - the Rover group company, which made the SV - will be told how little of their debts are likely to be paid.

However, one bidder said PwC had been trying to sell the SV, and its factory in Modena, Italy, as part of its efforts to sell the Sport and Racing business. "They've put it in their offer particulars so we assume it is for sale," he said.

The base of the SV, a car known as the Mangusta, was bought by Rover four years ago for £7m, but £2m was still outstanding when the company collapsed in April. Qvale believes this gives it the right to reclaim the assets it sold.

The car has a top speed of 170mph and a price tag of £65,750, making it a "halo" car designed to boost the image of the MG marque. "It was a relatively cheap marketing ploy," said Garel Rhys, director of Cardiff's Centre for Automotive Industry Research.

The SV was supposed to spearhead the return of the MG brand to the US, an ambition that died as Rover's financial problems deepened.

The Qvale family's ties with MG date back to the 1940s, when it founded the company which became the largest US distributor of British-built cars including Austin Healey, Jaguar, Triumph and Rolls-Royce. Qvale declined to comment.

Creditors of MG Rover and Powertrain, the engine arm, will be updated on Friday on the progress of talks aimed at selling MG and the entire business.

An Iranian bidder and Nikolai Smolenski, the Russian owner of the TVR sportscar, have been shortlisted for the entire business, while three other bidders are shortlisted for MG alone.

Published: June 7 2005 03:00 |

[Luc]

Published: June 7 2005 03:00 |

dat is oud nieuws Jupke

[Jupilerman]

idd, oud nieuws voor diegenen die het al wisten! Ik wist van niets, het staat nietop het forum, dus Nieuw nieuws

[Bruno]

Ik wist ook van niks.

[Sander]

Achja tis ook maar een stomme Punto met een bodykitje hè

[ErikB]

Achja tis ook maar een stomme Punto met een bodykitje hè

En een dure badge vooraan en achteraan....

BTW, nog iemand interesse in zo een badge ?

[Luc]

Je wist van niets zeg je... bedoel je dat de Qvale model stond voor de SV of dat ze de rechten van het ontwerp opeisen.

ivm het eerste punt heb ik voor u nog een oud nieuwsbericht "opge-google-d"

klikkerdeklik

[Jupilerman]

Van dat eerste bericht wist ik van meet af aan. Ik heb de Mangusta altijd een dijk van een wagen gevonden. En dit van ver voordat er van de SV sprake was.

Ik bedoelde dus dat ze de rechten op het ontwerp opeisen

[Bruno]

dito !

[Bruno]

BTW, nog iemand interesse in zo een badge ?

T'schijnt één van de laatste exemplaren te zijn, ik heb in ieder geval zo'n "hebbeding" in mijn collectie.

[Demor]

BTW, nog iemand interesse in zo een badge ?

Quanta costa?

[Bruno]

verschiet niet, maar 90 euro was de normale gangbare prijs op Silverstone (waarschijnlijk omdat ze zo schaars zijn) Sterker nog, ik had het er echt voor over, maar ik ben dan ook een klein beetje die hard.
Vorig jaar, toen alles nog koek en ei was, en de X-power kasten nog vol badges lagen waren ze trouwens, raar maar waar niet veel goedkoper, dacht ik me te herinneren.

[Sander]

Mag niet ontbreken in de collectie van de ware MG liefhebber hè